Fitch rates Tritax EuroBox BBB-

Fitch Ratings said it published Tritax EuroBox plc's BBB- long-term issuer default and senior unsecured ratings.

“The ratings reflect the company's strong-quality, albeit concentrated, portfolio of big-box real-estate assets and their long-term, inflation-indexed leases. Tritax EuroBox plans to increase its investment property portfolio to €1.2 billion by FYE22 (year-end September) from €838 million at FYE20 through identified acquisitions, partly funded by its recent €230 million equity issue. We forecast net debt/EBITDA to fall below 9x in FY21 before increasing to around 10.5x in FY23. Interest cover, at above 4x, benefits from low (non-legacy) average cost of debt,” Fitch said in a press release.

The outlook is stable.

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